HDFC Bank - Out Performer

Prabhudas Lilladher has reiterate their out performer rating on HDFC Bank. Currently the stock is trading at 4.5x FY 08 ABV. Net NPA of the bank remains steady at 0.4 per cent of net customer assets.



In Q3 FY07 result, bank has reported 30.4% growth in deposits to Rs. 667.5 bn whereas advances have gone up by 33% to Rs. 480.2 bn. Within this share of retail advances have come down from 54.3% a year ago and from 56% as on Q2 07 to 52%. Steady NIM and healthy business growth has resulted in NII going up by 38.5% to Rs. 9286 mn. While true to its past performance bank has reported steady bottom line growth with net profit going up by 31. 7% to Rs. 2956 mn. CAR has improved to 12.8% against 12.1% in Q2 FY 07.
 

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